This – coupled with the fact that price is not only still lingering just within higher timeframe demand (weekly: 1142.5-1167.3/daily: 1142.5-1154.5), but as you can probably see is also trading at a support at 1142.6, may tempt buying in this market today.
The level we have our eye on currently for a long trade is 1143.2. The recent fakeout below this level likely interested a lot of well-funded traders, thus unfilled buy orders could still be lurking around this number. As such, once, or indeed if price reaches this hurdle today, we may, if lower timeframe price structure remains strong, take an intraday long position from here, targeting 1149.6 to end the week.
Levels to watch/ live orders:
• Buys: 1143.2 Tentative – confirmation required (Stop loss: dependent on where one confirms this level).
• Sells: Flat (Stop loss: N/A).